The 5 minute TF S&R trading system
Well its been over 2 years since my last post and the reason for that is i took what i learned and constructed a profitable way of trading. Whether you get info from forums,books etc. you must make them your own with your own rules for entry, stoploss and most importantly money mangement. Ok here we go. Support and resistance will be done only on 5 minute charts. 123 patterns are a part of support and resistance as well as broken 123 patterns which are 123’s where the 3 point takes out the 1 point its a quasy 2b pattern. Indicators needed (NONE) when resistance is broken price will come back and test it to see if it turns to support this is high probability because of market structure. Here are some charts to show what i mean THOUGH ALL THE INFO FROM POST 1 TO 63 IS THE SAME METHOD START FROM POST 64 SINCE I AM ONLY USING LINE CHARTS.
Attached Images (click to enlarge)
Hi guys its tough for me to be on in the us session since i am trading my own acct and a managed acct, so i will answer questions at night unless i find time during us session. This strategy can be traded on any pair any time frame any market its S&R. I tade the us session only since i live on east coast.I primarily look at eurusd first then check other pairs. Its all price action. As long as market is swinging on 5 minute chart theres always something to trade. I will also intoduce my secret weapon which everyone already knows put i have incorporated a few rules to implement it. First chart is the regular setup the second is the prize setup.My target and stops are always 15 pips. Now if i get into a trade and it stops me out and then comes back to my first entry i will reenter trade 99% of time second time through it gets your money back, which means the pullback was a few pips more before resuming the move.